Algonquin Power & Utilities (AQN) Q1 Earnings Miss Estimates

Algonquin Power & Utilities Corp. Price, Consensus and EPS Surprise

Algonquin Power & Utilities Corp. price-consensus-eps-surprise-chart | Algonquin Power & Utilities Corp. Quote

Highlights of the Release

Total expenses in the reported quarter were $361.3 million, down 3.6% from the year-ago level due to lower operating expenses and decline in the cost of water, gas and electricity purchased.

Operating income in the reported quarter was $115.9 million, down 3.3% year over year.

During the quarter, the board of directors approved a 10% increase in its quarterly dividend.

During the first quarter, its subsidiary Liberty Utilities Group acquired a 9.8% ownership interest in the electricity transmission project located in Northwestern Ontario. This is expected to connect 17 remote First Nation communities to the Ontario provincial electricity grid through the construction of approximately 1,800 km (1,118.5 miles) of transmission lines.

Financial Highlights

The company’s cash and cash equivalents as of Mar 31, 2019 were $85.32 million compared with $46.8 million on Dec 31, 2018.

Its long-term debt as of Mar 31, 2019 was $3,644.2 million compared with $3,323.8 million on Dec 31, 2018.

Capital expenditure in the first quarter was $107.4 million compared with $158.2 million invested in the year-ago period.

Zacks Rank

Algonquin Power & Utilities currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Utility Releases

NextEra Energy, Inc. (NYSE:NEE) reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.

FirstEnergy Corporation (NYSE:FE) reported first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%.

American Electric Power Co., Inc. (NYSE:AEP) reported first-quarter 2019 adjusted earnings per share of $1.19, surpassing the Zacks Consensus Estimate of $1.10 by 8.2%.

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